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Merind amalgamation buoys Wockhardt topline - Views on News from Equitymaster
 
 
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  • Feb 22, 2001

    Merind amalgamation buoys Wockhardt topline

    Wockhardt has announced a 28.5% growth in net profit on the back of a 34% growth in its topline for the year ended December 2000. During the year the company amalgamated Merind's business and merged Wockhardt Veterinary into the company. The company has not specified as to the contribution of these in the company's topline growth.

    (Rs m) FY00 FY01 Change
    Sales 4,183 5,583 33.5%
    Other Income - 31  
    Expenditure 3,422 4,611 34.7%
    Operating Profit (EBDIT) 761 972 27.7%
    Operating Profit Margin (%) 18.2% 17.4%  
    Interest 63 136  
    Depreciation 60 97 61.7%
    Profit before Tax 638 770 20.7%
    Other Adjustments (60)    
    Tax 21 54 157.1%
    Profit after Tax/(Loss) 557 716 28.5%
    Net profit margin (%) 13.3% 12.8%  
    Earnings per share 15.34 19.72  

    Among its successful product introductions was Biopac B, a vaccine for Hepatitis B. This has contributed almost Rs 170 m within the first year of its launch and has been successful in taking market share from SmithKline Beecham's Engerix. Apart from this the company launched 20 new products in the year and has plans to launch 'Acarbose' Bayer's anti–diabetic part from another recombinant biotech based product erythropoeitin.

    The stock quotes at a price of Rs 480, which implies an earnings multiple of 24 times.

     

     

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